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Output VAT is the value added tax you calculate and charge on your own sales of goods and services if you are registered in the VAT Register. Output VAT must be calculated on sales both to other businesses and to ordinary consumers. VAT on sales between businesses must be specified in a sales document.
The H2I system will calculate all of the VAT on invoices that you send to your clients and place the calculations within the VAT calculation system in readiness for your 1st, 2nd, 3rd and 4th quarter.
A system user can also view the output pie chart, which is broken down into 12 segments that represent 12 months; on the user mousover on any segment, a caption will be seen to confirm the total amount of output vat for the month in question; this is a very handy tool for a quick glance of your financial position at all times throughout the year.